Caseware UK (AP4) 2022.0.179 2022.0.179 2023-05-312023-05-312022-06-01false64209-Activities of other holding companies not elsewhere classified33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10753391 2022-06-01 2023-05-31 10753391 2021-06-01 2022-05-31 10753391 2023-05-31 10753391 2022-05-31 10753391 c:Director1 2022-06-01 2023-05-31 10753391 d:CurrentFinancialInstruments 2023-05-31 10753391 d:CurrentFinancialInstruments 2022-05-31 10753391 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10753391 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10753391 d:ShareCapital 2023-05-31 10753391 d:ShareCapital 2022-05-31 10753391 d:RetainedEarningsAccumulatedLosses 2023-05-31 10753391 d:RetainedEarningsAccumulatedLosses 2022-05-31 10753391 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-05-31 10753391 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-05-31 10753391 c:OrdinaryShareClass1 2022-06-01 2023-05-31 10753391 c:OrdinaryShareClass1 2023-05-31 10753391 c:OrdinaryShareClass1 2022-05-31 10753391 c:FRS102 2022-06-01 2023-05-31 10753391 c:AuditExempt-NoAccountantsReport 2022-06-01 2023-05-31 10753391 c:FullAccounts 2022-06-01 2023-05-31 10753391 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10753391 2 2022-06-01 2023-05-31 10753391 6 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10753391










Brydell F Ltd








Unaudited

Financial Statements

For the Year Ended 31 May 2023

 
Brydell F Ltd
Registered number: 10753391

Balance Sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
  
1
1

  
1
1

Current assets
  

Debtors
  
817,637
817,637

Cash at bank and in hand
  
296,719
302,917

  
1,114,356
1,120,554

Creditors: amounts falling due within one year
 7 
(2,138)
(7,204)

Net current assets
  
 
 
1,112,218
 
 
1,113,350

Total assets less current liabilities
  
1,112,219
1,113,351

Net assets
  
1,112,219
1,113,351


Capital and reserves
  

Called up share capital 
 9 
700,000
700,000

Profit and loss account
  
412,219
413,351

  
1,112,219
1,113,351


Page 3

 
Brydell F Ltd
Registered number: 10753391
    
Balance Sheet (continued)
As at 31 May 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Charles Daniel Desmond
Director

Date: 21 February 2024

The notes on pages 5 to 9 form part of these financial statements.

Page 4

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

1.


General information

Brydell F Ltd is a limited liability company which was incorporated in the United Kingdom and registered in England and Wales on 4 May 2017 with registered number 10753391.  The registered address and principal place of business of the company is Number 5 51 Mount Street, London, England, W1K 2SE.
The financial statements are presented in Pound, which is the functional currency of the Company.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 5

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
Page 6

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 7

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 June 2022
1



At 31 May 2023
1





5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
811,500
811,500

Prepayments and accrued income
6,137
6,137

817,637
817,637



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
296,719
302,917

296,719
302,917


Page 8

 
Brydell F Ltd
 
 
 
Notes to the Financial Statements
For the Year Ended 31 May 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,110
-

Corporation tax
-
5,150

Other creditors
2
2

Accruals and deferred income
1,026
2,052

2,138
7,204



8.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
296,719
302,917




Financial assets measured at fair value through profit or loss comprise of unlisted investments and cash and cash equivalents.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



700,000 (2022 - 700,000) Ordinary shares of £1.00 each
700,000
700,000



10.


Related party transactions

At 31 May 2023, Brydell F Limited had a receivable balance of £811,500 (2022: £811,500)
 to Bride Hall Spalding, a parent company.


11.


Controlling party

The ultimate parent company is the Butterfield Trust (Bermuda) Limited registered and domiciled in Bermuda.

Page 9